Flood Insurance in New York
Why You Need Flood Insurance in New York
No home in Albany, NY can be safe from potential flooding and, since flooding isn’t covered by typical homeowner’s insurance, flood insurance can be the difference in being financially devastated or recovery. Just an inch of water in a home can cause $25,000 in damages, so why would you want to risk it? Without flood insurance, most residents will have to pay out of pocket or take out a loan to repair or replace the damage. Flood insurance can help you recover faster. Just because your home isn’t in a high-risk flood area doesn’t mean that it’s safe. More than 20% of flood claims can come from properties that aren’t in a high-risk flood zone. Flood insurance will pay regardless if there is a Presidential Disaster Declaration. To get disaster assistance otherwise, there needs to be this declaration and it will usually come in two forms. The U.S. Small Business Administration loan will have to be paid back with interest and the FEMA disaster grant won’t cover enough. With flood insurance, you won’t have to pay back the money with interest and you will have enough to cover your damages. The average claim for flooding is $30,000, while FEMA may only cover $5,000. Flooding is one of the most common natural disasters and affects every state. It can be caused by snowmelt, levees or dams breaking, new developments that change how water flows, and storms.
How to Get Flood Insurance in New York
A flood insurance policy can be purchased through DeNooyer Direct Insurance Services LLC. Ask an agent about the flood zone risk and if the community participates in the National Flood Insurance Program. Flood insurance is only available in those communities, but most communities will participate. Note that flood insurance won’t kick in for 30 days, so you will need to get it in advance.
Contact DeNooyer Direct Insurance Services LLC, serving Albany, NY, to get a quote on flood insurance.